The Home Ownership Thread

[GreenFrog]



Ok I sold that house in 1979 for $71k . Until 1984 I lived rent free on a 3500 acre ranch in the east foothills of the Santa Clara Valley at that time I purchased a home in the same area for     $115k which I paid off in 1995. I sold that house for $225k in 1996 and purchased the one I am in now in Santa Cruz (@30 miles away but on the beach)for $210k it is presently valued at @$750k.

Damn, well done on all accounts. I'm most impressed with the first home -- it doubled in value in just five years? That's pretty sweet.

 

[Piobaire]

A house in our development recently sold for about 320k more than what we paid for ours in 2012. That house has about 1/2 the land, is about 600 sq feet smaller, and doesn't have a guest house. I'm thinking were good.

 

[RedLantern]

Bought in Oct. 2013 @ 357.5 (was 350, but we split the cost of a new roof with the seller) was 28. Just appraised for 555 as part our (hopefully last) refi. Probably have put 25-30k in improvements in so far, though quite a bit of sweat equity too.

 

[jbarwick]

My wife bought at 27. After 2 years it appreciated enough that we had 20% down on the house we are currently in. We have put in fence, repiped the house, and refi'd from a 30yr to 15yr. I would not have been able to afford a down payment but my wife's family helped her.

Nashville property is booming and we live in a desirable area. We plan to stay here unless something big happens like moving for a job or we need a bigger place but at 2700 sq ft with a great layout is enough. We checked out houses with 3500+ sq ft of space and it just seemed like we would have to buy stuff to fill space we would never use.

Hopefully this made sense...running on no sleep.

 

[Find Finn]



A house in our development recently sold for about 320k more than what we paid for ours in 2012. That house has about 1/2 the land, is about 600 sq feet smaller, and doesn't have a guest house. I'm thinking were good.

Real estate is like stocks, you haven't made anything until its sold.

 

[texas_jack]



Ok I sold that house in 1979 for $71k . Until 1984 I lived rent free on a 3500 acre ranch in the east foothills of the Santa Clara Valley at that time I purchased a home in the same area for     $115k which I paid off in 1995. I sold that house for $225k in 1996 and purchased the one I am in now in Santa Cruz (@30 miles away but on the beach)for $210k it is presently valued at @$750k.

My parents paid $17000. Yes $17K for their place in Austin in '76. Recent appraisal was 550K.

 

[texas_jack]

I on the other hand bought our place 3 years ago and it appears to be a flat market here. That's fine. I just don't want to lose money.

 

[Fueco]



Ok I sold that house in 1979 for $71k . Until 1984 I lived rent free on a 3500 acre ranch in the east foothills of the Santa Clara Valley at that time I purchased a home in the same area for     $115k which I paid off in 1995. I sold that house for $225k in 1996 and purchased the one I am in now in Santa Cruz (@30 miles away but on the beach)for $210k it is presently valued at @$750k.

So depressing thinking about real estate back home... My parents had the choice between a $90k house in Cupertino or a $30k mobile home in north San Jose back in the early 80s. They chose the mobile home, which they essentially gave away a few years ago. That Cupertino home would be worth $1.5m or more now.

 

[brokencycle]

I bought in 2010 - was 23. Can't say if it has appreciated enough yet, but I can tell you my mortgage with insurance and taxes is about what I was paying in rent, I now get to itemize my deductions, and the houses around me are selling for more than when I bought: I'm thinking I should get ~25% increase (though we have done a lot of work to the house).

All that being said, based on how property prices have been going around here I think we're due for another correction.

 

[Piobaire]



Real estate is like stocks, you haven't made anything until its sold.

Sort of true. If we wanted there is much equity we could tap and we also get to live here so it fulfills a utilitarian purpose. In addition we also get to enjoy living here so there's a qualitative benefit too. But yeah, that gain is unrealized until sold. As we bought well under the appraised market value at the time it was like exercising a stock option to buy "in the money."

 

[sugarbutch]

First home in 2001 for $425K, sold in 2005 for $699K. I was 31.

 

[texas_jack]

Oh, my wife's cousin just sold her little condo in CO springs for 230K. She paid 150K 2 years ago.

 

[ramuman]

Some straight baller moves in this thread.

 

[JohnGalt]



Some straight baller moves in this thread.

I'll buck the trend then. First purchase in 2006. Took a new job in 2009 and couldn't sell due to market nosedive. Still have it as a rental property that's cash flow negative (it evens out after principle) and still off by about 20% from purchase price. Second property is on the market right now and will likely take a loss. A neighbor sold last year and fucked up the comps. They had an offer at a good price, turned it down, sat on the market, put in a ton of money and then sold significantly below their original offer. It's a small town so comps are few. My new employer will cover 50% loss on sale.

 

[Fueco]

I'll buck the trend then. First purchase in 2006. Took a new job in 2009 and couldn't sell due to market nosedive. Still have it as a rental property that's cash flow negative (it evens out after principle) and still off by about 20% from purchase price. Second property is on the market right now and will likely take a loss. A neighbor sold last year and fucked up the comps. They had an offer at a good price, turned it down, sat on the market, put in a ton of money and then sold significantly below their original offer. It's a small town so comps are few. My new employer will cover 50% loss on sale.

I'm guessing this wasn't in Colorado?

My wife and I are beginning the process of looking at homes, having looked at 5 so far. The market is kind of crazy, at least around Boulder...